A Retrospective of Previous Financial Crises Based on a Methodical Analysis of the Inevitable Extreme Events

The main aim of this paper is to provide a thorough observation for the past financial crises have been enlisted by discussing the past empirical studies with detailed discussion on the strategy adopted, crises covered, methodology implemented and the outcome of the study. For this purpose, most of the studies which are covered have been conducted between the late 1980s to early 2010s. Moreover, the covered studies are of various range that include from non-parametric to parametric, simple statistical to complex mathematical models, and the advanced computerized techniques. Thus this paper is an exhaustive approach to provide the comprehensive knowledge about the crises and the methods undertaken to gain knowledge even for common readers.